Saturday, March 20, 2010

EUR-USD Technical Analysis - 20 March, 2010


After a couple number of tries the EUR-USD unable to break the support level for major correction at 1.3811. As a result it has felt again to the previous resistant level at 1.3532. This could be a signal of continuation to the major bearish trend.

If this is true by next week either by major break out or gradual downward fluctuation, the ideal target for the bearish pit stop should be nicely reside at 1.3285. Until the end of March the EUR-USD is expected to build the 5th candlestick in 5 months in a row.

The overall summary of this movement tells us that the US economy is getting better compare to the European Union especially with Greek now is facing deep financial economic crisis.

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